Gifting and your tax return

April 18 is the due date for filing 2016 gift tax returns. If you gave gifts in excess of the $14,000 annual limit to any one individual, you may need to report this to the IRS. If you and your spouse agree to “gift splitting,” you can give up to $28,000 to any one individual without facing gift tax liability. If you do choose gift-splitting, each of you need to file a gift tax return.